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Teaching Teens Personal Finance
A Parent’s Guide
Whether you are homeschooling, your teen or they attend public or private school, personal finance is rarely covered in a typical curriculum. It is up to you, the parent, to make sure you are teaching your teens the personal finance skills they will need to be successful adults.
Below you will find the main points of personal finance your teen needs to know, before they become an adult and start borrowing, spending, and hopefully, saving. I have also included links to articles on each of these topics that go into more detail than I do here. You will also find links to helpful, free, calculators. None of these links are affiliate links or take you to landing pages to buy stuff. The purpose of this article is to inform you and your teen and give you helpful tools to educate them in the basics of this important life skill.
Budgeting Basics
The first place to start when teaching teens about finance is with budgeting. You can start by showing them your own budget. Show them your paycheck. Show them your gross income, your taxes, and how much is deducted for medical insurance.
Tell them that many purchases come with expenses that are hidden. Such as, when you buy a car, you also need to pay for auto insurance, gas and repairs. Show them how you balance a…
